Price of Kuwait crude oil per barrel went down USD 2.02 to settle at USD 60.67 pb in Tuesday's trading compared to USD 62.69 pb on Monday, Kuwait Petroleum Corporation (KPC) said here on Wednesday.
Prices continued to drop in oil markets amid fears of the slow global economic growth during the current period, besides the weak demand and the oversupply of crude oil on the markets.
The markets were also affected by American Petroleum Institute reports which forecasted a hike in US crude oil inventories, being the biggest energy consumer in the world, by 4.4 million pb, and that prior to the official announcement of US Energy Information Administration (EIA) about the US inventories later today.
In New York Mercantile Exchange (NYMEX), American light crude settled at USD 65.84 pb for January delivery. Meanwhile Brent crude for January delivery stood at USD 69.07 pb.